Gaseous chemical compounds that are specifically manufactured or derived for Industrial use are considered industrial gases. These include both natural gases and artificially manufactured gases. Industrial gases are mostly stable and remain in a gaseous form at ambient temperature. Apart from the oil and gas industry, gases used in other industrial operations such as welding, cutting, or catalysts are also considered industrial gases. Hydrogen (H2), Acetylene (C2H2), Oxygen (O2), and Methane (CH4) are some widely used gases in the majority of industries such as automotive, cryogenics, aerosol cans, toys (air-guns), welding/cutting, firefighting, food processing, environmental protection, packaging, laboratory, instrumentation, healthcare, home appliances, aerospace, rubber, plastic, paint, semiconductors, water treatment, etc.
The global Industrial Gas Market is huge and it is growing with a Compound Annual Growth Rate (CAGR) of 7-8 percent which is expected to remain stable till 2022. The market is witnessing such a tremendous growth due to large economies such as the U.S. and China. Lowered energy prices and cheaper operational costs are major reasons for higher profit margins and growth in the industry.
New Technological Advancements in the Industrial Gas Market:
Robotic Process Automation (RPA) and Business Process Automation (BPA) were once considered an impractical phenomenon for industrial gas and oil and gas industry, but global industry leaders are seeing those in a positive light now. The technology is catching up to human imagination and different types of automation are being implemented in virtually every industry. Risk-free operations, reduced costs, and faster processing are some basic advantages of technological advancements in the industrial gas market. Some other technological innovations and their benefits are explained here.
Improved Monitoring
In the industrial gas sector, automation can offer better monitoring where the companies can manage their network of pipelines and delivery with an extraordinary oversight. With the help of latest monitoring systems such as RealSens companies can keep a track of the health of their supply systems and detect anomalies automatically. In addition, onshore and offshore can be observed in real-time to ward-off criminals and perform repairs. The capability of the monitoring systems can be enhanced by linking those to weather monitoring systems to anticipate seismic activities and other natural phenomena such as oceanic and atmospheric levels for better research.
Efficiency and Reduced Costs
Automation and additional techniques offer efficiency in the industrial gas manufacturing which in-turn reduces overall operational costs. This leads to reduced capital expenditure, apt allocation, and utilization of skilled manpower, low downtimes, faster processing and packaging, and predictive maintenance. Automation offers significant predictive maintenance capabilities where sensors and capable software can calculate the expected breaking point of equipment so that the engineers can replace or repair the equipment without compromising the processes.
Changing Industry Dynamics
With the use of smart technology in the oil and gas industry, the prices of natural oil and gas have stabilized worldwide. The industry is dominated by only a few global players such as Air Liquide, Air Product, TNSC, Praxair, and a few others that hold approximately 80 percent of the global market share. In such a consolidated industrial scenario, the market is driven by price and demand and the prices are determined by purity, product customization, the volume of the product, and delivery location. Therefore, the industry requires automated processes that can help in manufacturing quality products in desired volumes, and help in managing various stages of product delivery without any fuss.
The industrial gas industry has specific product delivery methods that include onsite processing and/or production, pipelines, bulk deliveries, and small packaging such as cylinders. These processes are complicated and must be rendered while keeping the client industry requirements in mind. By incorporating automation in packaging and delivery operations, the companies can customize and optimize their services including onsite processing/production and small packaging. Managers can assign delivery tasks and share details with concerned personnel through automated software directly. Crucial information such as tracking or delays remain at the fingertips of the managers and timely deliveries can be ensured easily.
Technological Transformation
Incorporation of digital technology and automation has changed the oil and gas industry for good. Both RPA and BPA disrupted the industry initially and the workforce was in fear of losing their jobs, but automation proved to be an ally. The industry needed an overhaul and automation did exactly the same. It offered safety and assistance at the workplace and took care of the mundane process. The companies could also focus on utilizing the complete potential of their employees instead of keeping them involved in repetitive tasks such as manual monitoring of manufacturing and packaging processes.
There are several technological advancements in the industrial gas market in the present era that are driving the further growth of the market. Automation can be highly effective in switching the roles of human labor and/or aiding it. It has drastically modified many industries and the same is going to happen with the industrial gas market as well. The digital transformation that the natural and artificial gas industry is experiencing is only the tip of the iceberg as the technology has a lot to offer in the near future.
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